Gold Attempts To Break Out vs. Euro

Wednesday, November 24, 2010

Gold in Euros. Click to enlarge
Gold may be set for major break-out as the preying eyes of Eurozone investors turn from Ireland to Portugal, where spreads reached levels last seen in Greece before the EU/IMF bailout. The yellow metal rose 3% to €1,031 per ounce in the last 24 hours.
We are likely to see new record highs vs. both the $ and the € once gold clears the €1,050 handle again, proving a capital flight from all major fiat currencies.
This makes it clear that the winner in the currency wars will be the universally accepted currency of the last 2,800 years one more time again. Fiat Currencies are not floating. They only sink at different speeds.

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